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Staying ahead of inflation: Why understanding personal finance is more important than ever

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An expert shares tips on how to use, protect and grow your money to cope with the rising cost of living.

A tray of 10 eggs that cost S$2.30 in January last year is now being sold at S$3.30. Inflation has taken hold in Singapore, and it’s not looking to abate anytime soon. Singapore’s headline consumer price index, or overall inflation, hit 6.7 per cent in October 2022, and analysts expect it to stay elevated well into 2023.

According to Ms Tan, we can bolster our financial literacy in three main areas, which should be done sequentially: Budgeting, saving and investing.The first step to successfully managing our finances is to keep track of our monthly expenditure and set up a budget.

 

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